GETTING READY FOR GST

As per the latest decision of the GST Council, GST will be introduced in India from July 1st. It is going to be launched on 30th June 2017 midnight. This, despite the fact that taxpayers have no idea how the portal would work save for some screen-shots which ask more questions that they answer. The GST Council has made an announcement that the GSTR 1 form, with invoice-wise details, which has to be filed by the 10th of the month following the assessing month has to be filed by September 5 and for August by September 20. A new form GSTR 3B will need to be filed by August 20 for July and September 20 for August. The reason given by the GST Council for the extension of these time limits are to give relief to businesses- the actual reason could be that the software is not yet ready.

The question that will come to every tax payer is “ What should we do?”. Here’s a brief laundry list.